In 2015, there were over 48 million rental housing units in the United States. The market is always ripe for those looking into investing in rental properties.
With that said, there are lots of different logistics that you have to take care of as a rental property owner. One of the most crucial is property inspections.
So what does a rental property inspection constitute? And how often do you need to conduct an inspection?
That's what we're here to discuss today. Read on to find out more about rental property inspections.
What Does a Rental Property Inspection Entail?
So what does a rental property inspection even mean? To really answer this question, we should break it down into the four most basic types.
The first is move-in inspection, which is conducted when a new tenant moves into the property for the first time. This lets tenants identify any issues for the landlord, and the landlord to set a baseline to compare to at the end of a lease.
Another concurrent inspection is the move-out inspection. This occurs at the end of a lease and landlords use it to assess any damages the tenant might've caused.
Drive-by inspections are also common and much more casual. Landlords simply visit one of their properties to inspect the exterior.
Routine inspects are also done by landlords to check up on the state of their property during a lease. This is to make sure there aren't any outstanding damages that need to be addressed.
Why Should You Inspect Your Property?
If you're an aspiring or current property owner, inspecting your rentals is crucial if you want the most out of your investments. Knowing about any issues or damages is crucial if you want to keep rentals in good shape.
Things like broken windows, defective appliances, poor ventilation, and pests or mice all add up to the state of your property. Inspecting it is a great way to make sure everything is in order.
How Often Should You Do So?
It's a good idea to inspect your rental properties at least once during a lease. Preferably, you should check in quarterly, which would be every 4 months for a one-year lease.
With that said, you shouldn't inspect a property too often. You have to contact the tenant before you do so, and there are laws in place to protect them in different situations.
Read up on your state codes to know what you can and can't do in terms of inspections in your area.
Key Things to Look Out For During an Inspection
When you're conducting an inspection, make sure you check the walls and floors first. Are there any scratches that weren't there before?
Be sure to look at any signs of water damage as well. Tenants might not be aware of this since it can sneak into the property.
Always check whether the smoke and carbon monoxide detectors are working as well. Changing the batteries and testing them is crucial for your tenant's safety.
Checking for pests should always be done just in case. You never know if there's something crawling in the dark.
Leverage Rental Property Inspections Today
Conducting a rental property inspection is a crucial part of being a property owner. Use this guide to help you understand what you need to do and when to do it.
Are you looking for reliable property management services in the Indianapolis area? Contact us today and we'll get you started on a solution!